Davis Investment Partners LLC Boosts Stake in Fifth Third Bancorp (NASDAQ:FITB)

Davis Investment Partners LLC raised its position in Fifth Third Bancorp (NASDAQ:FITBFree Report) by 119.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,025 shares of the financial services provider’s stock after buying an additional 11,991 shares during the period. Davis Investment Partners LLC’s holdings in Fifth Third Bancorp were worth $758,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Norges Bank bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $185,924,000. BlackRock Inc. lifted its position in shares of Fifth Third Bancorp by 6.2% during the first quarter. BlackRock Inc. now owns 58,769,408 shares of the financial services provider’s stock worth $1,565,617,000 after purchasing an additional 3,448,642 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Fifth Third Bancorp by 35.9% during the second quarter. Franklin Resources Inc. now owns 12,057,866 shares of the financial services provider’s stock worth $316,037,000 after purchasing an additional 3,182,756 shares during the last quarter. Boston Partners lifted its holdings in Fifth Third Bancorp by 32.1% in the third quarter. Boston Partners now owns 13,076,541 shares of the financial services provider’s stock worth $331,188,000 after acquiring an additional 3,176,903 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Fifth Third Bancorp in the first quarter worth about $73,081,000. 77.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $34.00 to $39.00 and gave the stock an “overweight” rating in a report on Thursday, December 14th. Morgan Stanley raised their target price on shares of Fifth Third Bancorp from $29.00 to $36.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Stephens restated an “equal weight” rating and issued a $41.00 price target on shares of Fifth Third Bancorp in a research note on Tuesday. Keefe, Bruyette & Woods lowered shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating and raised their price target for the company from $33.00 to $37.00 in a research note on Tuesday, January 9th. Finally, UBS Group raised their price target on shares of Fifth Third Bancorp from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.30.

Get Our Latest Stock Analysis on Fifth Third Bancorp

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock traded up $0.40 during mid-day trading on Thursday, hitting $37.01. The company’s stock had a trading volume of 5,540,429 shares, compared to its average volume of 5,729,734. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $25.21 billion, a P/E ratio of 11.46, a P/E/G ratio of 1.35 and a beta of 1.26. Fifth Third Bancorp has a twelve month low of $22.46 and a twelve month high of $37.36. The stock’s fifty day moving average price is $34.52 and its two-hundred day moving average price is $30.37.

Fifth Third Bancorp (NASDAQ:FITBGet Free Report) last posted its quarterly earnings results on Friday, January 19th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.22. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $2.15 billion. Fifth Third Bancorp had a net margin of 18.58% and a return on equity of 16.25%. During the same quarter in the previous year, the business posted $1.04 earnings per share. Research analysts forecast that Fifth Third Bancorp will post 3.18 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Wednesday, March 27th. Fifth Third Bancorp’s dividend payout ratio is 43.34%.

Insider Buying and Selling

In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp stock in a transaction on Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the sale, the chief operating officer now owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.50% of the company’s stock.

About Fifth Third Bancorp

(Free Report)

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.

Further Reading

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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